of November 10, 2008 No. 618
About approval of the Regulations on procedure for release, placement, the address and repayment of municipal securities in the Kyrgyz Republic
For the purpose of market development of securities, the Government of the Kyrgyz Republic decides providing local government bodies with additional financial resources for acceleration of social and economic development of regions:
1. Approve the enclosed Regulations on procedure for release, placement, the address and repayment of municipal securities in the Kyrgyz Republic.
2. Recommend to local government bodies to be guided in case of release of municipal securities by the above-stated Provision.
3. Declare invalid the order of the Government of the Kyrgyz Republic of October 8, 2002 No. 692 "About approval of provisional regulations for release and the address in the Kyrgyz Republic of municipal securities".
4. To impose control over the implementation of this resolution on department of economy, trade, tourism and entrepreneurship and department of finance and credit policy of Government office of the Kyrgyz Republic.
Approved by the Order of the Government of the Kyrgyz Republic of November 10, 2008 No. 618
1. This Provision regulates procedure for release, placement, the address and securities redemption of local government bodies (further - municipal securities) in the Kyrgyz Republic.
2. Municipal securities are the securities issued by local government bodies (the issuer of securities).
3. Municipal securities are urgent debt obligations of local government bodies and are issued for the purpose of attraction of money of legal entities and physical persons for financing of the actions aimed at the social and economic development of local communities. The specific type, amount, circulation period and other parameters of issued municipal securities are determined by the local kenesh. On each release of municipal securities the separate decision of the local kenesh is made.
4. Municipal securities shall certify the right of their owner to obtaining from local government body of the specified securities, money, the established percent and/or other property rights in the terms provided by issue conditions.
5. Owners of municipal securities can make civil transactions with these papers according to the legislation of the Kyrgyz Republic.
6. No. 707 voided according to the Order of the Government of the Kyrgyz Republic of 27.10.2017
7. The procedure for the taxation of transactions with municipal securities is determined by the legislation of the Kyrgyz Republic.
8. The conclusion of civil transactions with municipal securities in the secondary market is allowed only in the period of their address to the working days.
9. The decision on release of municipal securities and approval of conditions of issue of securities is accepted by the decision of the local kenesh with the consent of the Ministry of Finance of the Kyrgyz Republic according to the offer of executive local government body.
10. The executive local government body before submitting for examination of the local kenesh approves parameters of issue of municipal securities with the Ministry of Finance of the Kyrgyz Republic.
11. Municipal securities are issued on the terms of urgency, recoverability and the paid nature.
12. Municipal securities are issued in paperless form. Bank entry securities - personalized securities on which rights make sure entry on the account of the register of security holders, or record on the custody account at depositary.
13. The local government body before pronouncement of the conclusion of the Ministry of Finance of the Kyrgyz Republic about results of release and placement of municipal securities is forbidden to perform the following issue of securities.
14. Local government bodies can issue securities only in national currency of the Kyrgyz Republic.
Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info
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